Stock investors gain N21bn as week opens

As the Nigerian Exchange Limited (NGX) began another trading week on Monday, the equities market closed, on a positive note, to commence the weekly trading activities on the upswing.

The market performance indices, NGX ASI, appreciated by 0.9 per cent, with market breadth closing positive with 20 gainers against 11 losers.

The upswing, according to market watchers, was driven by bargain hunting activities on the back of undervalued stocks following renewed appetite in anticipation of share appreciation and improvement in full year results.

Consequently, the All- Share Index grew by 41.4  basis points or 0.9 per cent from 42,353.31 index points last Friday to 42,394.71, while the market capitalisation of equities appreciated by N21 billion to close at N22.128 trillion from N22.107 trillion.

On the activity chart, the insurance sub-sector dominated in volume terms with 37,49 million shares exchanged in 192 deals. The sub-sector was enhanced by activities in shares of Sovereign Trust Insurance Plc and Mutual Benefits Assurance Plc.

The premium subsector, boosted by activities in shares of Access Bank Plc and FBNH Plc, followed with 35.96 million units traded in 1,179 deals. In all, investors exchanged a total of 142.17 million shares in 3,749 deals.

Further analysis of the day’s trading showed that Neimeth Pharmaceuticals Plc led the gainers by 9.82 per cent to at N1.79 per share while UPDC Plc followed with 9.43 per cent to close at N1.16 per share and Royal Exchange Plc with a gain of 8.70 per cent to close at 75 kobo per share.

On the low side, C&I Leasing Plc led the losers by 8.70 per cent to close at N4.20 per share, while CHI Plc followed with 6.90 per cent to close at 54 kobo. Wapic trailed with 5.88 per cent to close at 48 kobo per share.